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Nokia Siemens snaps up Nortel's LTE and CDMA assets

Canadian government helps fund $650m purchase

Nokia
Siemens Networks has revealed plans to acquire the Long Term Evolution (LTE)
and Code Division Multiple Access assets from struggling rival
Nortel for
$650m (£398m), thanks in part to a $300m (£183m) loan from the Canadian
government.

The move is expected to help bolster Nokia Siemens' push into the LTE and
North American cellular markets by adding key mobile radio access technologies
and resources from Nortel.

At least 2,500 Nortel employees across North America will be given the
opportunity to move over to Nokia Siemens, and around 400 are expected to focus
on LTE research and development.

"This agreement provides an important strategic opportunity for Nokia Siemens
Networks to strengthen its position in two key areas - North America and LTE -
at a price that makes good economic sense," said Simon Beresford-Wylie, chief
executive of Nokia Siemens.

"It also represents stability for Nortel's existing customers, and offers a
great opportunity for employees to move into a stable future with an industry
winner. The R&D organisation in Canada would become a long-term wireless
centre of excellence within Nokia Siemens Networks, complementing our other
global sites."

The acquisition is being aided by the government-owned Export Development
Canada, which is putting up nearly half of the money.

Verizon is
conducting
LTE trials in the US, and the announcement will come as welcome news to the
operator.

"Verizon views today's announcement as good news for the global wireless
industry," said Dick Lynch, executive vice president and chief technology
officer at Verizon. "This deal brings together two important Verizon suppliers,
and we look forward to our continuing work with Nokia Siemens Networks."

Nortel's current restructuring programme means that the transaction is
subject to approval by the US Bankruptcy Court and the Ontario Superior Court of
Justice. The normal closing conditions and receipt of necessary regulatory
approvals also apply.

Barring any problems, the deal is expected to be wrapped up in the third
quarter of this year.